Douglas Lane & Associates LLC Sells 368,780 Shares of Cleveland-Cliffs Inc. $CLF

Key Points

• Douglas Lane & Associates LLC reduced its stake in Cleveland-Cliffs Inc. by 14.5%, now owning approximately 0.44% of the company, valued at $16.5 million.
• Analysts have made several adjustments to Cleveland-Cliffs' stock rating, with a consensus rating of "Hold" and an average price target of $10.96, following updates from major firms such as JPMorgan and Wells Fargo.
• Cleveland-Cliffs reported a quarterly EPS of (0.50), surprising analysts by beating estimates, with a revenue of $4.93 billion and a year-over-year increase of 7.5%.

Douglas Lane & Associates LLC lessened its position in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 14.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,177,415 shares of the mining company's stock after selling 368,780 shares during the period. Douglas Lane & Associates LLC owned approximately 0.44% of Cleveland-Cliffs worth $16,548,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Cleveland-Cliffs in the 1st quarter valued at approximately $36,000. Fifth Third Bancorp increased its stake in shares of Cleveland-Cliffs by 36.6% in the 1st quarter. Fifth Third Bancorp now owns 6,216 shares of the mining company's stock valued at $51,000 after buying an additional 1,664 shares during the period. Byrne Asset Management LLC lifted its holdings in Cleveland-Cliffs by 38.1% during the first quarter. Byrne Asset Management LLC now owns 6,353 shares of the mining company's stock worth $52,000 after acquiring an additional 1,753 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Cleveland-Cliffs by 243.2% in the first quarter. UMB Bank n.a. now owns 7,873 shares of the mining company's stock valued at $65,000 after purchasing an additional 5,579 shares in the last quarter. Finally, AlphaQuest LLC raised its stake in Cleveland-Cliffs by 408,600.0% in the first quarter. AlphaQuest LLC now owns 8,174 shares of the mining company's stock valued at $67,000 after buying an additional 8,172 shares during the period. Hedge funds and other institutional investors own 67.68% of the company's stock.

Cleveland-Cliffs Price Performance

Shares of CLF stock traded up $0.09 during trading hours on Friday, hitting $11.52. 7,799,478 shares of the company's stock were exchanged, compared to its average volume of 24,270,670. The stock's 50-day moving average is $10.52 and its 200-day moving average is $8.84. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of -3.38 and a beta of 1.93. Cleveland-Cliffs Inc. has a 52 week low of $5.63 and a 52 week high of $14.34. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.04 and a quick ratio of 0.61.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The mining company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.18. Cleveland-Cliffs had a negative return on equity of 17.97% and a negative net margin of 9.03%.The business had revenue of $4.93 billion for the quarter, compared to analysts' expectations of $4.90 billion. During the same quarter in the previous year, the business posted $0.11 EPS. Cleveland-Cliffs's revenue for the quarter was up 7.5% on a year-over-year basis. As a group, research analysts forecast that Cleveland-Cliffs Inc. will post -0.79 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on CLF. Bank of America raised their target price on Cleveland-Cliffs from $9.50 to $12.50 and gave the stock a "neutral" rating in a research report on Monday. Glj Research lowered shares of Cleveland-Cliffs from a "strong-buy" rating to a "strong sell" rating and set a $3.91 target price for the company. in a report on Wednesday, May 28th. Wells Fargo & Company raised their target price on shares of Cleveland-Cliffs from $10.00 to $11.00 and gave the stock an "equal weight" rating in a report on Monday. JPMorgan Chase & Co. boosted their price target on shares of Cleveland-Cliffs from $7.50 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Finally, Morgan Stanley upped their price target on shares of Cleveland-Cliffs from $8.00 to $10.50 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Cleveland-Cliffs presently has an average rating of "Hold" and a consensus target price of $11.24.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.